SAVILLS has been instructed to bring Livingston’s Almondvale West Retail Park, Scotland to the market at a guide price in excess of £19.125 million, reflecting a net initial yield of 7.75%.
Almondvale West is Livingston’s premier retail park, located adjacent to the successful Livingston Designer Outlet. The scheme totals 102,168 sq ft, providing modern and recently refurbished (2018) units 100% let to a diverse tenant base comprising Next, TK Maxx, Smyths Toys, Decathlon and Harry Corry.
The weighted average unexpired lease term is 5.16 years to breaks and 9.95 years to expiries (excluding car parking income). The current total rent passing across the whole scheme, including the car park, is £1.5 million per annum which equates to £11.60 per sq ft on the retail warehouse element.
Located between Edinburgh (15 miles west) and Glasgow (31 miles east), Livingston is a key retail destination in Scotland with 60% of Scotland’s population (circa 3.3 million people) and 54% of Scotland’s businesses located within a one-hour travel time, says Savills.
Nick Penny, head of Savills Scotland and investment director, commented: “Almondvale West presents an extremely attractive opportunity to acquire a well let, strongly performing retail park in a strategic location that secures its ongoing success serving the wide local catchment.”
Jaime Dunster, UK investment director at Savills, added: “Retail Parks emerged as the most resilient in the retail sector throughout the Covid-19 pandemic thanks to the less severe decline in footfall and sales and have consequently become one of the most sought after asset classes in 2022.”
Savills is acting on behalf of an institutional investor.